Warren Buffett: 'Big Upswing Starting in March' for Economy

Warren Buffett is finally seeing signs the global economy is starting to recover from the Great Recession, as measured by sales at Berkshire Hathaway's subsidiaries around the world.

In an interview taped last night and aired today on Fox Business ahead of this weekend's shareholders meeting, Buffett says:

"What a difference a year makes. We have seen in all our businesses a big upswing starting in March. It was creeping up a little 'til then, but in March, around the world, we saw a real change."

As an example of stepped up production and demand at a basic industrial level, Buffett cites orders for small tools at Berkshire's Iscar subsidiary in Israel. "Nobody's buying those for speculation," he notes.

Buffett says most of the increases he's seeing are in the United States and Asia Pacific, with Europe lagging behind.

On March 1, Buffett told CNBC the economic war is "going slightly our way," with Berkshire's businesses "getting better...at a very, very slow pace."

Last June, Buffett described the U.S. economy as in "shambles" with no signs of a recovery.